40-35 22ND STREET 48,000 SF LONG ISLAND CITY, NEW YORK INDUSTRIAL LEASING OPPORTUNITY

Andreas Efthymiou Joshua Kleinberg Stephen Preuss Frank Liggio 718 512 2621 718 512 2612 718 512 2118 718 512 2611

[email protected] [email protected] [email protected] [email protected] EXECUTIVE SUMMARY 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

40-35 22nd Street, a 48,000 RSF Industrial Facility with parking in the heart of Long Island City offers tenants an extremely rare leasing opportunity. While development continues and many of our Industrial buildings are being repositioned, tenants are left with fewer choices in prime neighborhoods and are being forced to relocate. Large and open 16,000 SF floorplates can be leased separately or combined with the unique ability for a tenant to utilize the entire facility.

The building is one block to the F subway line and a short distance to Queens Plaza. Its central location and close proximity to the Queens Midtown Tunnel, Long Island Expressway, 59th Street/Ed Koch Queensboro Bridge, and Brooklyn Queens Expressway make it perfect for any business that requires traveling throughout Manhattan, Queens, Brooklyn, the Bronx or Long Island. PROPERTY DESCRIPTION 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

PROPERTY DESCRIPTION

• 48,000 SF three-story industrial building • 16,000 SF per floor • 3,000 SF of finished office space

• Fully air conditioned floors 21ST STREET • 4 interior loading platforms 40TH AVENUE • Fully sprinklered 41ST AVENUE 11 • Fireproof construction • 4-6 car parking Block 409 • 13.5 foot ceilings • 8X8 6000 pound freight elevator • 200 pound floor loads 23RD STREET • M1-3 zoning

SUBWAY

• Queens Plaza (two blocks) 7 E M N Q R

• 21st Street Queensbridge (one block) F AERIAL MAP 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

ED KOCH QUEENSBORO BRIDGE MIDTOWN MANHATTAN

Silvercup Studios 42-22 22nd Street

40-35 22ND STREET

Court Square

LONG ISLAND RAILROAD

The Factory Building Queens 30-30 47th Avenue Plaza TRANSPORTATION 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

40-35 22nd Street

GRAND CENTRAL

17 MIN HUDSON YARDS 19 MIN 30 MIN

36 MIN UNION SQUARE

33 MIN

34 MIN

SUBWAY LINES A, C, E B, D, F, M G J, Z L N, Q, R S ¹ 1, 2, 3 4, 5, 6 7 0 0.75 1.5 3 Miles

© 2018 CBR E, Inc. T his information has been obtained from sources believed reliable. We have not veri ed it and make no guaran tee, warranty or representation about it. A ny projections, op inions, a ssumptions or estimates used are for example only a nd do not represent the current or future performance of the property. You a nd your advisors should conduct a ca reful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBR E and the CBR E logo a re service marks of CBRE, Inc. a nd/or its a liated or related companies in the United States a nd other countries. A ll other marks displayed on this document are the property of their respective owners. All Rights Reserved. So urces: CBR E Mapping Services (877 ) 580-4674; St reetPro. Team-G ISData\Projects\NewYork\2018 \347630.AI 1 /26 /201 8 PAGE 11 Miller Park Jacqueline Harlem River Kennedy Onassis 6 Wards Island Resv'r Park Q

Memorial Park

Mill Rock Park

Riverside Park 4 Astoria 5 South 6 Park

Q The Carl Lake Schurz Park

6 TRANSPORTATION Q Damrosch Lighthouse Park Central Park 40-35 22ND STREET LONG ISLAND CITY, NEW ParkYORK

John Jay Q De Witt Clinton A Park C B Q Park D Ecological 1 6 Park ASTORIA The Rainey Pond Park N B W Q D R N Q Hudson River W R F F Blackwell C N W E R Park 4 5 1 6

N R B E W D M F 7 M PORT AUTHORITY BUS T F ERMINAL E M Queens Bridge A QUEENS PLAZA C 66 E Park 7 N S NORTH Q 1 R 2 W 7 3 B LONG ISLAND D F M CITY F 40-35 22nd Street Bryant7

GRA Park N TERMD CENTRAL INAL MADISON South SQUA GARDEN 4 RE A PEN 5 N STATI Point C ON 6 T he Wa y T o G E o. 7 S Park 1 2 COURT 7 3 MNAC Y’S WOODSIDE B Q SQUARE D R Chelsea FASHION INST F W HERALD ITUTE SQUARE M Chelsea Waterside Park OF TECHNO LO Elysian Park GY Park 7 1 6 7

C R E W SUNNYSIDE 7 7 7 1 7 6 F M 7 7 FACTORY

R DISTRICT W 1

6 A C E Newtown Creek L 1 2 Subway Renovations Major3 renovations to the area’s subway stations are ongoing: F M L Union • Repainting of the elevatedN tracks throughout Queens Plaza Q R Square W L 4 5 • TheHudson RiverQueensboro Plaza station6 is currently being renovated by the NYMTA and is slated to ultimately become part of 1

Park L

A C B E the LaGuardia AirportD AccessNEW YORKproject, UNIVERSITY an important addition to New York City’s infrastructure. F L MASPETH M R W • The Court Square subway station6 has also been renovated to include new internal transfer infrastructure.

1 GREENPOINT

B D F C M New Long Island RailroadE R 6 Station – a new Long Island Rail Road station is slated to be built just a short subway ride from the W GREENPOINT Property. The new station is partF of the LIRR East Side Access project, which will connect the LIRR to Grand Central Terminal. The 1 A 6 C E massive infrastructure project is already underway, with many of the main McCarrentunnels already complete. The new station will further J Z Park N R East River Park Q F 1 W M enhance the Property’s outstandingJ transportation access. B Z 6 D Governor Z Nelson A Rockefeller EAST Park 1 WILLIAMSBURG 2 3 A L Queens PlazaC Renovation – $76.4 million renovation of the Queens Plaza, improvedL traffic circulation and pedestrian/bicycle access F

2 4 3 R 5 WILLIAMSBURG North W 6 whileCove beautifying theJ neighborhood and adding a 1.5-acre public park. Z L

1 R W J 4 A Z Esplanade 5 C 2 RIDGEWOOD 3 East River WILLIAMSBURG

N J M E Q – A similar beautification of this major commercial andL retail corridor that connects Queens Plaza JacksonR Avenue Beautification 4 South Cove 1 W 5 B L D G L J Z to Court Square2 included new landscaped medians, sidewalks, and parks. Additionally, a separate $76 million MTA project created a Robert F 3 Wagner Jr Park L 4 J M new vent5 plant for the subway lines that run beneathBROOKLYN Jackson Avenue. Battery DUMBO NAVY YARD RR W Park 11

STATEN ISLAND FERRY TERMINAL L Brooklyn G J M Bridge DUMBO BUSHWICK Park

Commodore J M John Barry Park BUSHWICK L

DOWNTOWN G BROOKLYN DOWNTOWN Fort BROOKLYN BROOKLYN Greene HEIGHTS Park Tompkins Park L FORT CLINTON BEDFORD- COBBLE HILL GREENE HILL BOERUM STUYVESANT HILL

CARROLL L GARDENS

L GOWANUS

RED HOOK PROSPECT HEIGHTS

Brower CROWNPark HEIGHTS

Red Hook Recreational L Area PARK SLOPE MARKET SUMMARY 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

A 2001 New York City re-zoning initiative, allowing for substantial • The Citigroup Building – Also known as One Court Square, this mixed-use development, spurred a development boom in Long Island modern Class A development single-handedly raised the profile of City over the last decade. A growing 24/7 community has been the neighborhood, establishing it as a corporate destination. The 1.4 established, with an estimated 35,000 new residents and 30,000 new million square foot office tower remains occupied by Citigroup and daily office workers added to the neighbor-hood in this time frame. New is the tallest New York City office building outside of Manhattan. development and the conversion of former warehouse and manufacturing buildings have provided high-quality, low cost alternatives to Manhattan • The Citylights Building – If the Citicorp Building was Long Island for businesses and residents. This has created a growing artistic,intellectual City’s catalyst for commercial development, than the Citylights community located just fifteen minutes from Midtown Manhattan. co-op played the same role for the residential market. Built in 1997, this 42-story 552-unit development allowed developers to finally Long Island City today has been described as SoHo in the early days recognize the untapped value of the Long Island City riverfront, with of its own renaissance, a convenient and culturally rich post-industrial its pleasant sea breeze parks and awe-inspiring views. The influence neighborhood with new residential development and reinvented historic of Citylights is reflected in the fact that many of L.I.C.’s current luxury commercial buildings. While these descriptions are accurate, Long Island apartment developments are within a few blocks of this residential City has a character all its own with an unusual serenity stemming from pioneer. its low-rise buildings, easy river access, and sun-drenched streets. Cultural venues, like the MoMA PS1 and Sculpture Center, help define the These initial major developments were followed by a wave of new character of the area and serve as a critical draw to new residents and residential and office developments and the redevelopment of many office tenants seeking an intellectually stimulating environment. As a well-built industrial assets. New office developments which have created natural extension of Midtown Manhattan and Brooklyn, Long Island City a thriving 7.3 million square foot office market in Northern Queens, has largely captured the attention of tenants from the TAMI and creative primarily in Long Island City, include: service industries that are in search of affordable loft style space with convenient access. LIC is the product of a rare synergy of public and • Two Court Square – Completed in 2007, Citigroup constructed a private commitment, which has created a new 24/7 live-work-play $200 million 14-story building just north of the main Citigroup environment that continues to evolve. Building which is now home to Citigroup and the City University of New York Law School, which purchased its condominium unit for $155 The New Era of Long Island City million ($689 psf). According to the New York City Economic Development Corporation, recent public/ private commitments have translated into more than 7,500 • Court Square Place – Completed in 2007, the United Nations Federal jobs and $2 billion in public/private investment creating New York’s fifth Credit Union opened a 16-story, 275,000-square-foot building. major mixed-use CBD, along with Midtown, Downtown, Midtown South and the Brooklyn CBD. Two pioneering developments triggered LIC’s • Two Gotham Center – a 670,000 square foot state-of-the-art facility transformation and a host of subsequent development and infrastructure completed in 2011 as New York City’s Department of Health’s projects: headquarters. This building was sold to a Canadian REIT in 2011 for $415.5 million ($620 psf). MARKET SUMMARY MARKETMARKET SUMMARY SUMMARY 40-35 22ND STREET LONG ISLAND CITY, NEW YORK Residential Development WhatResidential began DevelopmentResidentialmore than aDevelopment decade ago with the construction of the City- lights Co-op hasWhat exploded began more into than a full-blown a decade agoresidential with the developmentconstruction of boom.the City - What began more than a decade ago with the construction of the lights Co-op has exploded into a full-blown residential development boom. ThereCity-lights are 10,000 Co-op hasunits exploded recently completed into a full-blown or are nowresidential under developmentconstruction, There are 10,000 units recently completed or are now under construction, combinedboom. There with are another 10,000 10,000 units in recently various stagescompleted of planning. or are Several now under buildings construction,combined combined with anotherwith another 10,000 in 10,000 various stagesin various of planning. stages Several of plan buildings- locatedning. Several just northlocated buildings of just the north locatedProperty of the justhave Property north recently have of recentlythe been Property rezonedbeen rezoned have for residentialforrecently residential conversion.been rezoned conversion. for residential conversion.

Hotel Development HotelHotel development Development has also increased dramatically in recent years, with 22 new hotels now lo- catedHotel in development Long Island City. has The also drivers increased for this lodging dramatically development in recent are similar years, to thewith residential Hotel22 new development hotels now has located also increasedin Long Island dramatically City. The in drivers recent foryears, this with 22 new hotels now lo- boom, including excellent views, cheaper rates, and rapid public transit into New York City. catedlodging in Longdevelopment Island City. are The similar drivers to thefor residentialthis lodging boom, development including are similar to the residential excellent views, cheaper rates, and rapid public transit into New York City. boom,The robustrobust including level excellent ofof developmentdevelopment views, cheaper inin LongLong rates, IslandIsland and CityCity rapid isis a publikeya key indicatorc transitindicator intoof of New the York City. growingthe growing economic economic strength of strength the neighborhood. of the neighborhood. These new hotels These enhance new the mixed-usehotels char- enhance the mixed-use character of the neighborhood while providing Theacter ofrobust the neighborhood level of whiledevelopment providing a keyin amenityLong to Islandthe area’s City commercial is a tenants.key indicator of the a key amenity to the area’s commercial tenants. growing economic strength of the neighborhood. These new hotels enhance the mixed-use char- acter of the neighborhood while providing a key amenity to the area’s commercial tenants.

PAGE 14

PAGE 14 MARKET SUMMARY MARKET SUMMARY 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

Parks and Museums Parks and Museums Some of the areas unique amenities include: Some of the areas unique amenities include: • MoMA PS1 – An affiliate of the Museum of Modern Art, MoMA PS1 is the oldest and second-largest non-profit arts center in the United States solely devoted to • MoMA PS1 – An affiliate of the Museumcontemporary of Modern art. Art, MoMA PS1 is the oldest and second-largest non-profit• SculptureCenter arts center – New York in City’s the only United non-profit exhibition space dedicated to contemporary and innovative sculpture. SculptureCenter re-located from States solely devoted to contemporary art.Manhattan’s Upper East Side to a former trolley repair shop renovated by artist/ designer Maya Lin in 2002. • Socrates Sculpture Park – Located along the waterfront, this is the only site in • SculptureCenter – New York City’s only non-profitthe New York Metropolitan exhibition area specifically space dedicated to providing artists with dedicated to contemporary and innovativeopportunities sculpture. to create SculptureCenterand exhibit large-scale work in a unique environment that encourages strong interaction between artists, artworks and the public. re-located from Manhattan’s Upper East• IsamuSide Noguchi to a Foundation former and trolley Museum –repair Across the street from Socrates shop renovated by artist/ designer MayaSculpture Lin in Park, 2002. founded in 1985 by the artist himself. After undergoing a two and a half year renovation, the museum opened in 2004. • Other artistic focal points include American Museum of the Moving Image, and • Riverfront Parks – Located along the East River, Gantry Plaza State Park is an The Fisher Landau Center for Art. A host of smaller galleries, studios, and a • Socrates Sculpture Park – Located along the waterfront, this is the • Astoria Arts11-acre District riverside – A oasis designated that features sweeping, area unobstructedbeginning views one of the block north thriving community of individual artists and artisans add a further dimension to Midtown Manhattan skyline, and is currently being expanded by 40 acres. Other only site in the New York Metropolitan areathe local specifically art scene. dedicated to of the Property, includes Kaufman Studios, Astor Room, Studio waterfront parks include Queensbridge Park and Water Taxi Beach, New York’s • Production Studios – Kaufman Astoria Studios and Silvercup Studios, both providing artists with opportunities to create and exhibit large-scale Square, Thefirst Frank nonswimming Sinatra urban Schoolbeach. of Arts, The Museum of the Moving located in Long Island City, have ushered in a new era of film and television • Flushing Meadows Park – Home to the U.S. Tennis Association and U.S. Open work in a unique environment that encouragesproduction instrong New York City.interaction Image, the Astoria Performing Arts Center and many other art tennis tournament is the largest park in Queens and includes a stunning • Fine dining and entertainment venues nearby the Property include The between artists, artworks and the public. galleries. recreational complex, a zoo, an art museum, a botanical garden, a science Astor Room and Studio Square which includes a steakhouse and upscale Greek museum, and Citifield, home to the New York Mets. restaurant in addition to premier event space. • Public library – A new library is slated for construction along the East River • Astoria Arts District – A designated area beginning one block north of the • Isamu Noguchi Foundation and Museum – Across the street from • Riverfront Parkswaterfront. – AnLocated eye-catching along design by thefamous East architect River, Steven GantryHoll has been Plaza State Property, includes Kaufman Studios, Astor Room, Studio Square, The Frank recently approved by the Queens Library Board of Trustees, paving the way for Socrates Sculpture Park, founded in 1985Sinatra by the School artist of Arts, himself. The Museum After of the Moving Image, Park the Astoria is an 11-acre riverside oasis that features sweeping, unobstructed this instant LIC landmark. undergoing a two and a half year renovation,Performing the Arts Centermuseum and many opened other art galleries. in views of the Midtown Manhattan skyline, and is currently being 2004. expanded by 40 acres. Other waterfront parks include Queensbridge PAGE 15 Park and Water Taxi Beach, New York’s first nonswimming urban • Other artistic focal points include American Museum of the Mov- beach. ing Image, and The Fisher Landau Center for Art. A host of smaller galleries, studios, and a thriving community of individual artists and • Flushing Meadows Park – Home to the U.S. Tennis Association and artisans add a further dimension to the local art scene. U.S. Open tennis tournament is the largest park in Queens and includes a stunning recreational complex, a zoo, an art museum, • Production Studios – Kaufman Astoria Studios and Silvercup Studios, a botanical garden, a science museum, and Citifield, home to both located in Long Island City, have ushered in a new era of film and the New York Mets. television production in New York City. • Public library – A new library is slated for construction along the East • Fine dining and entertainment venues nearby the Property include River waterfront. An eye-catching design by famous architect The Astor Room and Studio Square which includes a steakhouse and Steven Holl has been recently approved by the Queens Library Board upscale Greek restaurant in addition to premier event space. of Trustees, paving the way for this instant LIC landmark. INCENTIVES 40-35 22ND STREET LONG ISLAND CITY, NEW YORK

Economic Benefits for Qualified Tenants Commercial Expansion Program (CEP)

Relocation and Employment Assistance (REAP) CEP provides qualified industrial/manufacturing and commercial tenants located in eligible Manhattan areas north of 96th Street and anywhere in Credit REAP provides New York City business tax credits to taxpayers the other four boroughs with a property tax abatement for either three or that relocate jobs from outside of New York City, or below 96th Street in five years depending on the term of the lease. The benefit is equal to the Manhattan, to a qualified premises in one of New York City’s outer bor- lesser of the property tax liability or $2.50 per square foot with a one-third oughs or above 96th Street in Manhattan. As long as one employee is decrease in the last two years of benefit for commercial properties. For relocated and transferred to an eligible premises, the credit is available manufacturing facilities with a lease term of at least five years, the benefit for any new jobs created at that premises as well as any jobs that are is equal to the lesser of the property tax liability or $2.50 per square foot subsequently transferred to that premises. Hotel and retail operations for all five benefit years. An application must be filed with the New York are not eligible for the credit. Qualified taxpayers may receive a credit City Department of Finance within 180 days of lease commencement. up to $3,000 per eligible employee per year for 12 years, which can total $36,000 per employee. The credit is refundable as cash for the first five Energy Cost Savings Program (ECSP) years, including the year of relocation. The ECSP reduces energy costs for eligible manufacturing and commercial Industrial and Commercial Abatement Program (ICAP) businesses that relocate to and make improvements to property in, or lease previously improved buildings in Manhattan above 96th Street or ICAP provides a property tax abatement for newly built or renovated anywhere in the other four boroughs. The benefit can reduce regulated industrial and commercial buildings located anywhere in New York City, energy costs up to 45% and regulated natural gas costs up to 35% for except in certain areas of Manhattan. To qualify, applicants must make eligible businesses for 12 years. The deadline for filing the application with capital improvements equal to at least 30% of the property’s taxable as- New York City Department of Small Business Services varies depending sessed value in the year of issuance of the building permit or, if no permit on the applicant’s basis for qualification. is required, the start of construction within four years. The benefit period ranges from eight to twenty-five years depending on the location of the project and the type of work being performed. The abatement received for properties with retail space may be limited depending on the per- centage of retail space. The preliminary application must be filed prior to issuance of a building permit, or if no permit is required, prior to the start of construction.